Essary Enterprises has bonds on the market making annual payments, with eight years to maturity, a par value of $1,000, and selling for $964. At this price, the bonds yield 6.7 percent. What must the coupon rate be on the bonds? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Coupon rate ReferenceseBook&Resources Learning Objective: 07-02 Bond values and yields and why they fluctuate. Worksheet Difficulty: Basic Section: 7.1 Bonds and Bond Valuation